(RTTNews) - The International Energy Agency maintained its global oil demand forecast for 2013 even as demand grew in the second quarter of 2012 aided by higher consumption in Japan.
The IEA, in its monthly Oil Market Report released today, raised 2012 and 2013 demand forecast by 100,000 barrels mainly on data revisions for 2011. Consequently, the demand forecast for both the years revised up to 89.80 million barrels per day (mbd) and 90.60 mbd respectively.
Commenting on the supply, the agency said global oil supply fell by 0.1 mbd month-over-month to 90.8 mbd in August, mainly due to unplanned outages in non-OPEC countries. Non-OPEC crude supply growth slowed to just 0.2 mbd in the third quarter of 2012. the agency added.
On the inventory front, the IEA said OECD industry stocks fell by 16.50 mb in July. The agency pointed out that total industry oil builds of 10.6 mb for July were below normal and said preliminary data hint at counter-seasonal draws in August.
Thursday, the Organization of the Petroleum Exporting Countries maintained its 2012 world oil demand growth forecast at 0.90 mbd and said it still expects supply from other oil producers to outpace the rise in global demand next year by a small margin, highlighting the downside risks to demand due to contagion from the euro zone crisis.
On the oil price movements, the agency said, oil prices extended early gains in August.
Meanwhile, Light Sweet Crude Oil (WTI) futures for October delivery are adding $0.41 to $97.58 a barrel.
